Last month, three PPC board members called a special meeting.
“The purpose of this meeting was to consider a proposal to remove all of the current board directors and replace them with individuals nominated by these fund managers, including Ketso Gordhan as a proposed executive director,” said [DATA PPC:PPC].
Yesterday, the company rejected the proposal by the three fund managers after one of them withdrew their support of the meeting.
“PPC indicated to the remaining two fund managers that, based on the withdrawal of the above fund, their demand is technically flawed as they do not represent the requisite aggregate 10 per cent of the voting rights of the company. The demand was therefore rejected.”
[READ MORE: Ketso Gordhan resigns as PPC’s CEO)
The board had already accepted Gordhan’s resignation last month, he pleaded to be reinstated.
“It will not be in the interest of shareholders or an effective board if the remaining four board members were to serve with Gordhan. More specifically, none of the board members would be available to serve on the board with Gordhan,” reported PPC.
There has been no response from the two fund managers as yet.